Paypal investor Eddy Chan, along with global investors Patrick Yip and Timothy Chen announced today that Intudo Ventures, their new Indonesia-focused venture capital firm is launching its debut fund worth US$10 million.
The fund includes contributions from undisclosed limited partners made up of venture capital firms, corporate investors, family offices, and startup founders from the United States, Indonesia, Hong Kong, Taiwan, and Singapore.
“We are grateful to our limited partners for giving us the opportunity to launch Intudo Ventures,” said founding partner Eddy Chan. “With Indonesia’s large population and strong economic growth, we recognize ripe opportunities to back early-stage companies led by best-in-class founders.”
The venture capital firm plans to invest and co-found early stage companies, with an initial ticket size between US$200,000 and US$1.25 million, in addition to excess capital to participate in follow-on financings.
Intudo said it targets an ownership ranging from 15 to 25 percent on a fully-diluted basis. Besides, it plans to build a portfolio of only 12 to 16 companies, focusing on those operating in consumer, finance, healthcare, education, and media sectors.
The venture capital firm is also particularly interested in a growing trend dubbed as ‘S.E.A Turtles’ which bear resemblance to China’s sea turtles phenomenon. This refers to the returnee talent from overseas market to help build the local industry.
But apart from making investments in pure-play homegrown startups, Intudo Ventures also aims to establish joint ventures with global companies from the Silicon Valley, China and other markets entering Indonesia.
“In the case of joint ventures, we are always a co-founder and investor, as we stitch such deals together from scratch and only form and invest in such joint ventures once all the parties noted above have committed their resources to launching such joint ventures,” said Chan.
“We feel this allows us to solve for many of the challenges startups face, as the breakout company from overseas provides brand, technology, know-how, the Indonesian conglomerates/distribution partner and our fund provide localization, distribution, and government relations,” he explained.
Led by a team of seasoned founders, Intudo is an amalgam of the Bahasa Indonesian words representing the firm’s core values of integritas (integrity), tulus (sincerity), and jodoh (serendipity).
